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Nairaland Forum / Nairaland / General / Business / Access Bank To Pay N53.47 Billion For 75% Of Intercontinental Bank (5009 Views)
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Access Bank To Pay N53.47 Billion For 75% Of Intercontinental Bank by Seun(m): 4:47pm On Aug 30, 2011 |
Access Bank to acquire 75% stake in Intercontinental Bank http://www.vanguardngr.com/2011/08/access-bank-to-acquire-75-stake-in-intercontinental-bank/ In your opinion, is this acquisition a wise step? |
Re: Access Bank To Pay N53.47 Billion For 75% Of Intercontinental Bank by Finecat(m): 4:57pm On Aug 30, 2011 |
Intercontinental staff better start looking for another job on time. Access will not take %90 of them and even if Access bank does, does anybody wants to work in a bank like Access?? RIP intercontinental bank, we hardly knew ye. |
Re: Access Bank To Pay N53.47 Billion For 75% Of Intercontinental Bank by Nobody: 5:25pm On Aug 30, 2011 |
was intercontinental this sick? what's their present share price in the market? |
Re: Access Bank To Pay N53.47 Billion For 75% Of Intercontinental Bank by aieromon(m): 5:27pm On Aug 30, 2011 |
Dammit |
Re: Access Bank To Pay N53.47 Billion For 75% Of Intercontinental Bank by adimoyo: 5:45pm On Aug 30, 2011 |
'Access Bank, in a notice signed by its Company Secretary, Mr. Sunday Ekwochi, announcing its forthcoming extraordinary general meeting, disclosed that the amount was proceeds from its 2007 public offer'. CAN U IMAGINE?DURING THE 2007 PUBLIC OFFER,THEY TOLD US THE PROCEEDS FROM THE OFFER WILL BE USED TO UPGRADE IT,IMPROVE WORKING CAPITAL AND THE REMAINING WILL BE INVESTED TO INCREASE THEIR BRANCHES WITHIN A STIPULATED TIME.AT THE END OF THE DAY,THE MGT OF ACCESS BANK FAILED TO UTILIZE THE OFFER PROCEEDS AS PLANNED.IT IS A FAILURE ON THEIR PART.ITS JUST NOW (2011) THEY WANT TO USE SOME OF THE FUNDS TO ACQUIRE 75% IN ANOTHER BANK.THIS SHOWS THAT DURING THE PUBLIC OFFER,MOST OF THIS BANKS JUST STORMED THE STOCK MARKET TO RAISE FUNDS WITHOUT ANY PLAN OF HOW THEY WANT TO USE THE FUNDS.THIS BANKS DIRECTORS LACK STRATEGIC FOCUS INDEED. |
Re: Access Bank To Pay N53.47 Billion For 75% Of Intercontinental Bank by Nobody: 6:05pm On Aug 30, 2011 |
mhmm |
Re: Access Bank To Pay N53.47 Billion For 75% Of Intercontinental Bank by hollandis(f): 6:13pm On Aug 30, 2011 |
access bank was the singular reason intercontinental was indebted in the first place,after borrowing from the bank,they failed to return even after much advertorials and press releases. |
Re: Access Bank To Pay N53.47 Billion For 75% Of Intercontinental Bank by saintneo(m): 6:20pm On Aug 30, 2011 |
same push everyday! I think the Nigerian banking system should allow a situation where by a big bank could acquire another bank without changing its name, 'management' and human capital . . . really explain this because its being a long while since I left the banking sector in Nigeria. In the UK, LloydsTSB group owns both LloydsTSB and Halifax . . . two different banks; the Royal Bank Scotland group owns several other financial groups such as RBS, NATWEST, Direct Line, etc. I was informed that the BankPHB and Spring Bank were in this kind of unification with BankPHB as the bigger partner prior to their Nationalization by the CBN. In acquiring of banks, there should be opportunities for part acquisition. This is in a situation where some banks might decide to go regional, thus putting some of its branches for sale as a result of change in business - example, WEMA bank wishes to go regional, serve regions such as SS and SW, then FBN could acquire their assets at NW, NC, SE and NE. Also, on the employees' protection there should be a time frame for which bank acquisition should be completed - 3 to 5 years should be okay. |
Re: Access Bank To Pay N53.47 Billion For 75% Of Intercontinental Bank by Phoenix6278(m): 6:36pm On Aug 30, 2011 |
[b][/b][color=][/color]something is wrong somewhere in the banking sector. Which bank is next? |
Re: Access Bank To Pay N53.47 Billion For 75% Of Intercontinental Bank by bashman004: 7:10pm On Aug 30, 2011 |
and yet we keep avoiding Islamic Banking without looking at the good side effects |
Re: Access Bank To Pay N53.47 Billion For 75% Of Intercontinental Bank by Chaldook(m): 7:28pm On Aug 30, 2011 |
I do not want stories o! I will withdraw all my money from that bank o! |
Re: Access Bank To Pay N53.47 Billion For 75% Of Intercontinental Bank by yemboy1(m): 7:56pm On Aug 30, 2011 |
Please peeps on a more serious note. I just deposited a reasonable sum in my intercontinental acct. Should i go and withdraw all my money when i still can or our money is till safe |
Re: Access Bank To Pay N53.47 Billion For 75% Of Intercontinental Bank by hbrednic: 8:10pm On Aug 30, 2011 |
yem boy:Your money is safe,since they are not liquidating the bank, the truth will soon hit the old intercon shareholders in the face with ACCESS BITTEN OFF 75%,AMCON 20 or 25% |
Re: Access Bank To Pay N53.47 Billion For 75% Of Intercontinental Bank by benzion72(m): 8:15pm On Aug 30, 2011 |
Nigeria Banking is pure advance yahoo. Paper profit still continue unabated. Since what the shareholder want to see is profit either real or paper so the management cook it for them. And they still pay tax on paper profit. All na yahoo |
Re: Access Bank To Pay N53.47 Billion For 75% Of Intercontinental Bank by alphonsok: 8:35pm On Aug 30, 2011 |
sanusi has succeeded in destroying all banks that belong to the Christians in this country.God will surely judge his action .wat happen to unity bank that belong to the muslims and northerners.intercontinental bank, oceanic, spring all belong to christian and they have been sold to another bank |
Re: Access Bank To Pay N53.47 Billion For 75% Of Intercontinental Bank by olaolabiy: 11:28pm On Aug 30, 2011 |
I thought Intercontinental bank claimed in one of their ads in London to be worth over 20 billion dollars. Casino banking |
Re: Access Bank To Pay N53.47 Billion For 75% Of Intercontinental Bank by yemboy1(m): 12:29am On Aug 31, 2011 |
hbrednic: Thanks. Yyou just saved a brother! |
Re: Access Bank To Pay N53.47 Billion For 75% Of Intercontinental Bank by BOMANY: 1:49am On Aug 31, 2011 |
alphonso k: Pathetic lunatic zealot call ursef christian boko haram |
Re: Access Bank To Pay N53.47 Billion For 75% Of Intercontinental Bank by wazobiang: 7:35am On Aug 31, 2011 |
does this mean that intercontinental is worth just 71 point 29333333333333 Billion? thats bull crap. abeg on to the next crap. as i nigerian i have resigned to reading crap on a daily basis. heck even this internet connection i am using is crap. |
Re: Access Bank To Pay N53.47 Billion For 75% Of Intercontinental Bank by somadila: 7:59am On Aug 31, 2011 |
The 75% is a plan which is yet to be implemented pending the approval of Access bank shareholders and the management of intercontinental bank which may not be that easy at all because it has really been a controversial issue for over a year plus. But we don't have to forget the fact that even if such happens, it's for the unification and solidification of the two banks towards a better output and please all depositors funds remains intact and safe, there is no cause for an alarm and there can never be any cause for such. Thank you and God bless you all. Nigeria remains our dear loving country, lets try to add more value wherever we are. |
Re: Access Bank To Pay N53.47 Billion For 75% Of Intercontinental Bank by smaller(m): 8:24am On Aug 31, 2011 |
Does this imply that Intercontinental bank doesnt worth up to N100billion I do not believe that Access bank are yet to utilize their 2007 public offer proceeds. This is purely advanced Yahoo |
Re: Access Bank To Pay N53.47 Billion For 75% Of Intercontinental Bank by Gbenge77(m): 9:13am On Aug 31, 2011 |
We shall have to have to wait and see how this pans out. |
Re: Access Bank To Pay N53.47 Billion For 75% Of Intercontinental Bank by odedele: 3:55pm On Sep 02, 2011 |
The weapon we have is to keep on speaking out and to enlighten a lot of Nigerians about the havoc the likes of Sanusi is causing in the system. If you have people in the media, assist them by discussing this issues so that the truth can be revealed. Anyone gifted too can mobilize demonstration towards shutting down activities at CBN, AMCON, NDIC, House of assembly and even the Presidency for days or weeks until someone listens or these sole called corrupt individuals are exposed and humiliated. How on earth will AMCON write off over #300billion and own 15% while access bank which has #50billion would have 75%? This mathematics is the craziest calculation I’ve seen in all times. It only portrays corruption which is endemic in Nigeria. Government would never get new investors with this bad attitude of theirs and it is even more painful that the Presidency as an institution led by a weak President cannot call this Boko-aram CBN governor to order. |
Re: Access Bank To Pay N53.47 Billion For 75% Of Intercontinental Bank by Kx: 4:06pm On Sep 02, 2011 |
adimoyo:They got so much from the public offer and the funds were not used for the purpose for which approval to source for it was granted, yet CBN did nt say anything about this. Are they saying this is ok?Does nt this fall within the purview of the regulatory authority? yem boy:Are u still asking this question? |
Re: Access Bank To Pay N53.47 Billion For 75% Of Intercontinental Bank by Redstone(m): 1:36pm On Sep 12, 2011 |
75% of intercontinental for just 53.47 billion? This is ridiculus guys, a whole intercontinental bank. Well, it gioes a long way to show how well our dear Erastus Akinbgola managed the bank so much so that the bank is worth nothing now, it is a pity. In my opinion, it is not a wise buy by Access, but I believe they know what they are doing, I can't imagine the liabilities, that is why 75% of the bank is going for that less. |
Re: Access Bank To Pay N53.47 Billion For 75% Of Intercontinental Bank by rocean: 1:50pm On Sep 16, 2011 |
N53.47 Billion For 75% Of Intercontinental Bank , story!!!!! |
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